9911796707
TMI Blog2018 (8) TMI 1476X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 30th March 2017 issued by the respondent-Assessing Officer to reopen the assessment of the petitioner for Assessment Year 2011-2012. This notice came to be issued in the following background. The petitioner is a partnership firm and is engaged in the real estate development. For AY 2011-2012, the petitioner had filed return of income on 29th July 2011 declaring "Nil" income. Such return was accepted without scrutiny under Section 143(1) of the Income-tax Act 1961 ["the Act" for short]. To reopen such assessment, the respondent issued impugned notice. In order to do so, he had recorded the following reasons : "In this case, information has been passed on from the O/o. The Assistant Commissioner of income-tax, Central Central-1(1), Ahme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on is as under: Sr No Financial Year Amount (in Rs) 1 2009 18,16,00,121/- 2 2010 2,95,62,810/- Thus, the source of cash investment of Rs. 2,95,62,810/- A.Y. 2011-12 for purchase of land bearing survey no. 430-A, 430/K, 430-F, 430/E/1, 434/a/K, 434/1-D and 430- G admeasuring 53,813 Sq. meters during the previous year is the unaccounted income of the assessee. Further, on verification of the return of income for the A.Y. 2011-12 it is revealed that the assessee filed its return of income at NIL. Thus, source of cash investment of Rs. 2,95,62,810/- for the purchase of above mentioned immovable properties is remained unexplained. In view of the above facts, I have reasons to believe that in this case, the above mentioned unacco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... levant to the present assessment year. In any case, admittedly, the sale transactions were completed during the earlier year ie., the period relevant to A.Y 2010-2011 for which notices for reopening have already been issued and reassessments are going on. It would thereafter be not open for the Assessing officer to reopen the assessment of the current year also. On the other hand, learned counsel Shri M.R Bhatt appearing for the Department relied heavily on the judgment of this Court dated 2nd April 2018 passed in Special Civil Application No. 16385 of 2017 and connected petitions and submitted that this Court has allowed the Assessing Officer to continue re-assessment. Under similar circumstances, these petitions should also be dismissed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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